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Westwater Bringing Innovative Graphite-Processing Plant, Jobs to Alabama

Governor, Secretary of Commerce, local leaders join company officials in announcing incentives package, plans for first-of-its-kind plant in U.S.

MONTGOMERY, Ala. & CENTENNIAL, Colo.–(BUSINESS WIRE)–
Officials of Westwater Resources, Inc. (NYSE American: WWR) joined Alabama Gov. Kay Ivey and other state and local leaders at a press conference in Montgomery today to announce the governor’s signing of incentives agreements that will bring a first-of-its kind, advanced graphite processing plant to the state, and put Alabama at the forefront in producing an essential material in the batteries that power electric vehicles, electronics and other green energy products and equipment.

The plant will be built in the Kellyton area in Coosa County, near Alexander City, by Alabama Graphite Products, LLC, a subsidiary of Alabama Graphite Corp. (“Alabama Graphite”) and its parent company, Westwater Resources, Inc. (“Westwater”). Westwater is a Colorado-based mineral resources company committed to exploring and developing materials for clean, sustainable energy production.

“This plant not only will make Alabama the U.S. leader in graphite production, the go-to place for this important resource in battery manufacturing, it also will elevate our standing even more as a major player in the fast-growing electric vehicle sector,” Ivey said. “We’re home to four major auto plants, and the ability to source precious materials in state for the lithium-ion batteries used in electric and hybrid vehicles will be a big plus in attracting other manufacturing jobs to the state.”

Graphite is used as the anode in lithium-ion batteries, as well as a conductivity enhancer for all types of batteries, including the common lead-acid batteries in traditional vehicles.

Gov. Ivey was joined at today’s press conference by Westwater President and CEO Chris Jones, Commerce Secretary Greg Canfield, state Sen. Clyde Chambliss, Alexander City Mayor Woody Baird, and representatives of the Coosa County Commission and the Lake Martin Area Economic Development Alliance, as well as members of the Alabama Graphite Products team.

“I want to thank Gov. Ivey, Secretary Canfield, other state leaders, and the many local officials in Alexander City and Coosa County who worked with us to make this vision come true,” Jones said. “The people of Alabama have been very welcoming since day one, and their cooperation has been integral in putting together the many pieces needed for us to build this innovative plant in Alabama. We look forward to being an active member of the business community here for many years to come.”

Alabama Graphite plans to make an initial investment of $80 million or more (with a second phase pushing the total to $124 million) in the graphite processing plant. Construction is expected to begin later this year, with the plant operating by the end of 2022. The plant is expected to employ at least 100 full-time, permanent workers. Those jobs will pay an estimated average hourly wage of $21.15.

The agreements signed by the governor will provide Alabama Graphite Products with jobs and tax credits under the Alabama Jobs Acts, totaling up to an estimated $29.9 million over 15 years. In addition, Alabama Industrial Development and Training (“AIDT”) will provide Alabama Graphite Products up to $925,000 in job-training and employee recruitment incentives.

Local incentives to be provided by the Lake Martin Area Economic Development Alliance, the Lake Martin Area Industrial Development Authority, Coosa County and Alexander City are estimated to total more than $4.7 million, and are to include abatement of 10 years of noneducational property taxes and the use of 80 acres in the Lake Martin Regional Industrial Park at no cost. In addition, a bridge will be built to provide additional access to the industrial park.

Water and wastewater treatment will be provided by Alexander City. In support of this effort, Alabama Graphite Products has entered into a public-private partnership to upgrade Alexander City’s wastewater treatment system with a contribution of $400,000 and prepayment of $100,000 in treatment fees.

“This is a great project for Alabama for many reasons,” said Commerce Secretary Canfield. “It perfectly complements our auto industry and what these automakers are doing with EVs here in Alabama. Mercedes and Hyundai have announced major expansion projects specifically for the manufacturing of electric vehicles. Plus, these are well-paying, sustainable jobs that will spur additional economic development and even more jobs in the area.”

Tallapoosa County Commissioner and Lake Martin Area Economic Development Alliance Chairman T.C. Coley Jr. said projects like this reinforce the Alliance’s regional approach to economic development.

“Attracting an operation like this means a great deal to the region,” said Coley. “I can’t praise enough the multi-jurisdictional effort led by our staff, Executive Director Chad Odom and Assistant Director Denise Walls. Their creativity, knowledge and use of local, state and federal resources made this possible. The mayor of Alexander City, the City Council, city staff and the Coosa County Commission also are to be commended for their efforts to overcome various infrastructure challenges and make investments that secure the region’s economic future.”

In addition to making Alabama home to one of the first large-scale producers of refined graphite in the U.S., Alabama Graphite plans to mine raw graphite in western Coosa County in part of what was known as the “Alabama Graphite Belt.” Westwater Resources acquired mineral rights to approximately 42,000 graphite-deposit-rich acres in 2018 and expects to begin mining operations by 2028.

Westwater’s Jones noted that the U.S. government has declared graphite critical to the nation’s economy and national security.

“All of the graphite used and needed in the United States by the electric vehicle industry is imported,” he said. “Most of it is from China, where media have reported both worker and environmental issues. Domestic production of graphite reduces our dependence on foreign sources. Even though the raw graphite we will process into battery-grade material will be imported initially, none of it will be from China. We have secured agreements from other providers.”

Alabama Graphite will use a proprietary process to purify the raw graphite and refine it into battery grade purity. That process is safer and more environmentally friendly and sustainable than the hydrofluoric acid-based process commonly used in China and elsewhere, that requires more water and produces more environment-damaging byproducts.

“One of our core values is safety. We’re protective of our workers, the community and the environment,” Jones said. “Whether it’s mining or processing graphite, our company is committed to doing it in an environmentally safe, sustainable manner. The biggest virtue of electric vehicles and other battery-powered products is they reduce carbon emissions and are better for the environment. Producing the key materials for those batteries, we believe, can and should be done in an environmentally responsible way as well.”

Alabama Graphite’s processing plant will produce approximately 7,500 tons of battery-grade graphite a year initially, eventually expanding to 15,000 tons. The battery in an average EV needs about 175-200 pounds of graphite. Ford’s new electric F-150 truck, the Lightning, is expected to need roughly 450 pounds of graphite, Jones said.

About Westwater Resources

Westwater Resources (NYSE American: WWR) is focused on developing battery-grade graphite. The Company’s projects include the Coosa Graphite Project — the most advanced natural flake graphite project in the contiguous United States — and the associated Coosa Graphite Deposit located across 41,900 acres (~17,000 hectares) in east-central Alabama. For more information, visit www.westwaterresources.net.

Cautionary Statement

This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to risks, uncertainties and assumptions and are identified by words such as “expects,” “estimates,” “projects,” “anticipates,” “believes,” “could,” “scheduled,” and other similar words. All statements addressing events or developments that WWR expects or anticipates will occur in the future, including but not limited to the cost and timing for commencement of operations at the Company’s proposed processing plant, the value of the incentives realized by the Company, future production of battery graphite products, future financing activities and financial resources, and activities involving the Coosa Graphite Project and the Coosa Graphite Deposit. Because they are forward-looking, they should be evaluated in light of important risk factors and uncertainties. These risk factors and uncertainties include, but are not limited to, (a) the Company’s ability to successfully construct and operate a processing plant capable of producing battery grade materials in quantities and on schedules consistent with the Coosa Graphite Project business plan; (b) the Company’s ability to raise additional capital in the future including the ability to utilize existing financing facilities; (c) spot price and long-term contract price of graphite and vanadium; (d) risks associated with our operations and the operations of our partners such as Dorfner Anzaplan and Samuel Engineering, including the impact of COVID-19; (e) operating conditions at the Company’s projects; (f) government regulation of the graphite industry and the vanadium industry; (g) world-wide graphite and vanadium supply and demand, including the supply and demand for energy storage batteries; (h) unanticipated geological, processing, regulatory and legal or other problems the Company may encounter in the jurisdictions where the Company operates or intends to operate, including but not limited to Alabama and Colorado; (i) any graphite or vanadium discoveries not being in high-enough concentration to make it economic to extract the minerals; (j) currently pending or new litigation or arbitration; and (k) other factors which are more fully described in the Company’s Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q, and other filings with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize or should any of the Company’s underlying assumptions prove incorrect, actual results may vary materially from those currently anticipated. In addition, undue reliance should not be placed on the Company’s forward-looking statements. Except as required by law, the Company disclaims any obligation to update or publicly announce any revisions to any of the forward-looking statements contained in this news release.

For more information about Alabama Graphite Products, go online to www.alabamagraphiteproducts.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210622005233/en/

Westwater Resources

Christopher M. Jones, President & CEO

Phone: 303.531.0480

Jeff Vigil, VP Finance & CFO

Phone: 303.531.0481

Email: [email protected]

Investor Relations

Porter, LeVay & Rose

Michael Porter, President

Phone: 212.564.4700

Email: [email protected]

Product Sales Contact:

Jay Wago, Vice President – Sales and Marketing

Phone: 303.531.0472

Email: [email protected]

Public Relations

Direct Communications

Eddie Lard

Phone: 205.746.3274

Email: [email protected]

KEYWORDS: Idaho Nevada Alabama Colorado New Mexico North America United States Australia Australia/Oceania Canada

INDUSTRY KEYWORDS: Automotive Manufacturing Automotive Manufacturing State/Local Mining/Minerals Natural Resources General Automotive Alternative Vehicles/Fuels Alternative Energy Public Policy/Government Energy

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Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Announces Investigation of Koninklijke Philips N.V. (PHG) on Behalf of Investors

LOS ANGELES–(BUSINESS WIRE)–Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, today announced that it has commenced an investigation on behalf of Koninklijke Philips N.V. (“Philips” or the “Company”) (NYSE: PHG) investors concerning the Company’s possible violations of the federal securities laws.

If you suffered a loss on your Philips investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https://www.glancylaw.com/cases/koninklijke-philips-nv/. You can also contact Charles H. Linehan of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at [email protected] to learn more about your rights.

On April 26, 2021, Philips announced its first quarter 2021 financial results and reported a EUR 250 million provision for “a quality issue in a component that is used in certain sleep and respiratory care products.” Specifically, the Company revealed “possible risks to users related to the sound abatement foam used in certain of Philips’ sleep and respiratory care devices currently in use.”

On this news, the Company’s share price fell $2.32, or 3.8%, to close at $58.78 per share on April 26, 2021, thereby injuring investors.

Then, on June 14, 2021, Philips issued a recall notification for certain devices “to address identified potential health risks related to the polyester-based polyurethane (PE-PUR) sound abatement foam component in these devices.” Moreover, it stated that “[t]he majority of the affected devices within the advised 5-year service life are in the first-generation DreamStation product family.”

On this news, the Company’s share price fell $2.25, or 3.98%, to close at $54.25 per share on June 14, 2021, thereby injuring investors further.

Follow us for updates on LinkedIn, Twitter, or Facebook.

Whistleblower Notice: Persons with non-public information regarding Philips should consider their options to aid the investigation or take advantage of the SEC Whistleblower Program. Under the program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Charles H. Linehan at 310-201-9150 or 888-773-9224 or email [email protected].

About GPM

Glancy Prongay & Murray LLP is a premier law firm representing investors and consumers in securities litigation and other complex class action litigation. ISS Securities Class Action Services has consistently ranked GPM in its annual SCAS Top 50 Report. In 2018, GPM was ranked a top five law firm in number of securities class action settlements, and a top six law firm for total dollar size of settlements. With four offices across the country, GPM’s nearly 40 attorneys have won groundbreaking rulings and recovered billions of dollars for investors and consumers in securities, antitrust, consumer, and employment class actions. GPM’s lawyers have handled cases covering a wide spectrum of corporate misconduct including cases involving financial restatements, internal control weaknesses, earnings management, fraudulent earnings guidance and forward looking statements, auditor misconduct, insider trading, violations of FDA regulations, actions resulting in FDA and DOJ investigations, and many other forms of corporate misconduct. GPM’s attorneys have worked on securities cases relating to nearly all industries and sectors in the financial markets, including, energy, consumer discretionary, consumer staples, real estate and REITs, financial, insurance, information technology, health care, biotech, cryptocurrency, medical devices, and many more. GPM’s past successes have been widely covered by leading news and industry publications such as The Wall Street Journal, The Financial Times, Bloomberg Businessweek, Reuters, the Associated Press, Barron’s, Investor’s Business Daily, Forbes, and Money.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210622005172/en/

Glancy Prongay & Murray LLP, Los Angeles

Charles H. Linehan, 310-201-9150 or 888-773-9224

1925 Century Park East, Suite 2100

Los Angeles, CA 90067

www.glancylaw.com

[email protected]

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Legal Professional Services

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Joint Study by Cantaloupe, Inc. and Michigan State University Finds Digital Payments Are Now the Preferred Payment Method at Vending Machines Powered by Increased Use of Contactless Credit Cards

Hospitals, Professional and Military Locations Show Greatest Annual Increases in Digital Payments

Low Volume Machines Show Significant Increases in Contactless Payments

MALVERN, Pa.–(BUSINESS WIRE)–Cantaloupe, Inc. (Nasdaq: CTLP) (“Cantaloupe” or the “Company”), a digital payments and software services company that provides end-to-end technology solutions for the unattended retail market, today announced the findings of a joint study with Michigan State University (MSU). The study found that while usage of cash payments was being outpaced by digital payments (magstripe credit cards, contactless credit cards and mobile payments) in 2019, on average the number of digital payment transactions per machine finally exceeded those made with cash in April of 2020 (137 digital and 135 cash transactions per machine), with the monthly digital sales volume per machine in April of 2020 being 47 percent higher on average than with cash ($235 versus $160).

The study found the growth of digital payments increased steadily through 2020. By November of 2020, the average number of payments made in cash that month had decreased from 52 percent in November of 2019 to 40 percent in November 2020. Meanwhile, as a percentage of digital payment transactions, usage of contactless credit cards increased 57 percent from 14 percent in November 2019 to 22 percent that same month in 2020, with a 9 percent dip in magstripe credit cards during that same period (86 percent to 78 percent of total payments). The joint study evaluated sales and transaction data from approximately 122,000 vending machines connected to Cantaloupe’s digital payment platform across the United States.

“We have been reporting the growth in digital payments and transactions at vending machines for years. However, our research shows that as consumers sought touch-free payment options during the pandemic, digital payments became the preferred method overall, which is evident by the particular growth in usage of contactless credit cards,” said Elyssa Steiner, vice president of Marketing, Cantaloupe, Inc. “Now, we believe vending operators connected to our digital payments platform will benefit even more from not only greater sales and transaction volume, but increased insights from consumer data which can guide better decisions on products and pricing, streamline operations, and ensure operators are better equipped for the future of self-serve and unattended retail.”

Additional findings include:

Hospitals and Military Locations Show Largest Annual Increases in Digital and Contactless Payments

Primary locations including businesses and professional, industrial, hospital, education, retail and military locations (averaging 25,000 transactions annually) saw significant increases year over year in digital payments. Military locations in particular showed the greatest percentage of digital payments overall compared to cash, including an increase from 83 percent of all sales in November of 2019 to 90 percent in November 2020. Businesses and professional settings, which ranked second in terms of digital usage overall, also saw a significant increase in percentage of sales, with 60 percent in sales being digital in November of 2019, to about 65 percent in November of 2020. In the midst of the pandemic, hospitals saw the sharpest rise in percentage of digital sales overall, jumping from 42 percent in November of 2019 to 55 percent last November.

Contactless payments took up a growing percentage of these increases, particularly in military and hospital settings. The percentage of contactless sales within military locations was roughly 11 percent in November 2019 but jumped to more than 32 percent in November of 2020. Hospitals increased from 15 percent in November 2019 to 27 percent in November of last year.

Low Volume Machines Show Growth in Contactless Payments

Low volume machines, or those with less than $2000 in sales per year, showed increases in digital payments also, led by growth in contactless. While 46 percent of sales in 2019 were made with magstripe credit cards and 15 percent were made using contactless cards, in 2020, 57 percent were magstripe credit cards, and 25 percent were contactless cards. Meanwhile, cash sales fell year over year as a percentage of sales, representing 48 percent of sales in November of 2019 and only 36 percent in November of 2020.

Interestingly, transactions per machine for magstripe credit card and contactless payments increased about the same amount (11 percentage points) within low volume machines between November 2019 and November 2020. In November of 2019, 43 percent of transactions were magstripe credit card, with 20 percent coming from a contactless form of payment. By November 2020, 55 percent of transactions were magstripe credit card, while 31 percent of the 55 percent were contactless.

The study was conducted by Michigan State University’s Broad College of Business – MS Business Analytics (MBSA) program, which provides an educational experience that combines a number of university resources in addressing the study, research, and application of analytics. MSU analyzed data of 122,000 vending machines to evaluate sales activity.

“Cantaloupe brought our students a great opportunity to employ data analytics skills and tools in the MSBA program,” said Julian Guo, Ph.D., assistant professor within the Department of accounting and Information Systems at Michigan State University. “For students, having opportunities to be able to apply their skills and tools in a real-world business context is critical. Based on the question and data provided by Cantaloupe, the student team were able to deliver a deep data analysis and insights which we hope will help drive real-life business decisions and outcomes.”

Cantaloupe is a technology and payments company that gives its customers scale and flexibility in their retail value chain. The Company is uniquely placed to be a partner for businesses that don’t have the resources to put an employee at every point-of-sale, want to enable a self-service experience and need a solution to manage their procurement-to-cash workflow. From ePort to Seed, our end-to-end solution is designed to enhance what all retailers – from vending operators, to restaurants, and traditional brands – need to operate more efficiently, as well as what they can offer their customers, despite constantly changing trends and market demands.

Useful Links:

• Cantaloupe: https://cantaloupe.com/
• Blog: https://www.cantaloupe.com/blog/
• Podcast: https://www.cantaloupe.com/urtechinsiders/
• LinkedIn: https://www.linkedin.com/company/cantaloupeinc
• Resource Center: https://www.cantaloupe.com/resources/
• Twitter: https://twitter.com/cantaloupeinc_
• YouTube: https://www.youtube.com/channel/UCTGQNcXUydcOHLZiuIEPuaw

About Cantaloupe, Inc.

Cantaloupe, Inc. is a software and payments company that provides end-to-end technology solutions for the unattended retail market. Cantaloupe is transforming the unattended retail community by offering one integrated solution for payments processing, logistics, and back-office management. The Company’s enterprise-wide platform is designed to increase consumer engagement and sales revenue through digital payments, digital advertising and customer loyalty programs, while providing retailers with control and visibility over their operations and inventory. As a result, customers ranging from vending machine companies, to operators of micro-markets, gas and car charging stations, laundromats, metered parking terminals, kiosks, amusements and more, can run their businesses more proactively, predictably, and competitively.

Forward-looking Statements:

All statements other than statements of historical fact included in this release, including without limitation Cantaloupe’s future prospects and performance, the business strategy and the plans and objectives of Cantaloupe’s management for future operations, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this release, words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “guidance,” “predict,” “potential,” “continue,” “likely,” “will,” “would” and variations of these terms and similar expressions, or the negative of these terms or similar expressions, as they relate to Cantaloupe or its management, may identify forward-looking statements. Such forward-looking statements are based on the reasonable beliefs of Cantaloupe’s management, as well as assumptions made by and information currently available to Cantaloupe’s management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors, including but not limited to the incurrence by Cantaloupe of any unanticipated or unusual non-operational expenses which would require us to divert our cash resources from achieving our business plan; the uncertainties associated with COVID-19, including its possible effects on Cantaloupe’s operations, financial condition and the demand for Cantaloupe’s products and services; the ability of Cantaloupe to predict or estimate its future quarterly or annual revenue and expenses given the developing and unpredictable market for its products; the ability of Cantaloupe to retain key customers from whom a significant portion of its revenues is derived; the ability of Cantaloupe to compete with its competitors to obtain market share; the ability of Cantaloupe to make available and successfully upgrade current customers to new standards and protocols; whether Cantaloupe’s existing or anticipated customers purchase, rent or utilize ePort or Seed devices or our other products or services in the future at levels currently anticipated by Cantaloupe; disruptions to our systems, breaches in the security of transactions involving our products or services, or failure of our processing systems; or other risks discussed in Cantaloupe’s filings with the U.S. Securities and Exchange Commission, including but not limited to its Annual Report on Form 10-K for the year ended June 30, 2020 and its Quarterly Reports on Form 10-Q for the quarters ended September 30, 2020 and December 31, 2020. Readers are cautioned not to place undue reliance on these forward-looking statements. Any forward-looking statement made by us in this release speaks only as of the date of this release. Unless required by law, Cantaloupe does not undertake to release publicly any revisions to these forward-looking statements to reflect future events or circumstances or to reflect the occurrence of unanticipated events. If Cantaloupe updates one or more forward-looking statements, no inference should be drawn that Cantaloupe will make additional updates with respect to those or other forward-looking statements.

— G-CTLP

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Media and Investor Relations Contacts for Cantaloupe, Inc.:

Alicia V. Nieva-Woodgate

Cantaloupe, Inc.

+1 720.445.4220

[email protected]

Emily Porro

Makovsky

[email protected]

Investor Relations:

ICR, Inc.

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KEYWORDS: Pennsylvania United States North America

INDUSTRY KEYWORDS: Data Management Retail Technology Other Retail Other Technology Software

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